During a recent interview, former cryptocurrency skeptic Marc Faber revealed that he recently purchased BTC for the first time in his life. The Swiss investor gained fame after predicting the 1987 stock market crash, and is the director of Marc Faber Ltd.
On March 8, Faber stated that he “bought bitcoin for the first time ten days ago.” Faber sought to justify his purchase by arguing that BTC “looks better” from a technical perspective after having crashed from nearly $20,000 at the end of 2017 to trade in the $3,000 range.
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Faber stated that a one-hour discussion with Xapo CEO and Paypal board member Wences Casares influenced his recent decision to purchase his first BTC, as had the desire to learn more about cryptocurrency.
The investor added that the younger readers of his ‘Gloom Boom & Doom Report’ newsletter had also persistently encouraged him to buy BTC in recent years.
Bitcoin May Become ‘Standard for Money Transfers’
The septuagenarian expressed cautious optimism regarding the prospect of widespread adoption of virtual currencies. “It’s not certain, but possible, that Bitcoin will be the standard for money transfers,” Faber said.
The investor added that prospective bitcoin investors should only invest as much capital as they are prepared to lose. Faber also asserted that while “impressive,” the current stock market recovery is unlikely to last.
Do you think that Marc Faber has chosen the right time to purchase his first bitcoin? Share your thoughts in the comments section below!
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